Business, 22.05.2020 23:08 smithsa10630
Prat Corp. started the 2018 accounting period with $35,000 of assets (all cash), $14,500 of liabilities, and $20,000 of common stock. During the year, the Retained Earnings account increased by $18,550. The bookkeeper reported that Prat paid cash expenses of $33,500 and paid a $3,500 cash dividend to the stockholders, but she could not find a record of the amount of cash that Prat received for performing services. Prat also paid $9,500 cash to reduce the liability owed to the bank, and the business acquired $8,000 of additional cash from the issue of common stock. a-1. Prepare an income statement for the 2018 accounting period.
Prat Corp.
Income Statement
For the Year Ended December 31, 2018
Revenues ?
Expenses ?
Net income $0
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Prat Corp. started the 2018 accounting period with $35,000 of assets (all cash), $14,500 of liabilit...
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